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HSBC Withdraws From Japan Retail Banking

TOKYO—HSBC Holdings PLC said it is pulling out of retail banking in Japan, part of a broad restructuring effort aimed at controlling costs and refocusing the lender's sprawling business.

The U.K.-based bank said it will no longer offer its HSBC Premier service for clients with more than ¥10 million (about $125,000) in assets as of Thursday or offer new investment products from March 8. It will shut down all six of its Japanese branches as of July 31. The bank said it will gradually phase out services for existing clients in...